Posted by William Charles on January 30, 2017
Bank Account Bonuses

Published on January 30th, 2017 | by William Charles

41

[Targeted] Santander $225-$350 Checking Bonuses

We usually don’t post targeted checking account bonuses like this because they aren’t really that useful to readers. For some reason these bonuses (well actually only the $225 bonus) seem to be making the rounds on forums/blogs but it isn’t been made clear that these bonuses are targeted. Now it could be a similar case to the Wells Fargo $250 bonus where people end up getting the bonus, but I doubt it.

The relevant language is as follows:

Offer is transferable until redeemed by addressee in corresponding mailer; and we reserve the right, in our sole discretion, to limit the number of times this promotion code may be used

Note that in the online application there is a section to enter the promotional code (and the 1234567890ABCD one listed on the application page is obviously a example and cannot be used). Keep in mind that there is a public $150 Santander checking bonus.

Offer at a glance

  • Maximum bonus amount: $325
  • Availability: Nationwide, but targeted
  • Direct deposit required: $500/$2,000+
  • Additional requirements: Keep account open for at least 90 days
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Up to $500
  • Monthly fees: Up to $35, avoidable
  • Early account termination fee: No bonus if closed within 90 days
  • Expiration date: March 31st, 2017
  • Household limit: Limit one

The Offer

Direct link to offers: $225 & $350

  • $350 bonus:
    • Open an eligible Santander® Premier Plus Checking Account with a minimum deposit of $50 by March 31, 2017.
    • Have direct deposits totaling $2,000 or more post to the account within the first 90 days.
    • Keep your account open for at least 90 days.
    • Once you meet these conditions, your $350 bonus will be paid within 30 days.
  • $225 bonus:
    • Open an eligible Simply Right® Checking Account with a minimum deposit of $25 by March 31, 2017.
    • Have direct deposits totaling $500 or more post to the account within the first 90 days.
    • Keep your account open for at least 90 days.
    • Once you meet these conditions, your $225 bonus will be paid within 30 days.

santander $350

The Fine Print

  • See linked offers for full fine pint of each offer
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Account required varies based on bonus:

  • Basic – This account has a non-waivable $5 monthly fee. $3 for NY and NJ.
  • Simply Right Checking:  $10 monthly fee is waived by making any transaction, including deposits, withdrawals, transfers or payments. Unclear if $750 monthly balance will keep the fee waived as well
  • Premier – This account has a $30 monthly fee. Waived with $20k in combined balances.

You need to keep the account open for 90 days otherwise you will forfeit the bonus, other than that there is no early account termination fee.

Our Verdict

Obviously these bonuses are better than the standard $150 bonus (well the $350 bonus requires a $20,000 balance to avoid fees, but that is waived for the first two months so you’d really only need to pay it once and still end up with a $320 bonus), I just don’t want people applying unless they are targeted. As always you can view a full list of the bonuses we do recommend here.

Useful posts regarding bank bonuses:



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Gerald
Gerald

As I mentioned in another thread, I was targeted for the $350 bonus. Although it specifies the Premier Plus account, there’s a footnote that says it works for any of the three types of accounts.

Balki
Balki

I saw this as well… I think I am going to go for Simply Right in branch and then fight them for the extra $125. I’m a lawyer and the text CLEARLY says $350 for each account.

1 Get $350 when you open a new Simply Right® Checking ($25 minimum opening deposit), Santander® Basic Checking ($25 minimum opening deposit), or Santander® Premier Plus Checking ($50 minimum opening deposit) account between 1/10/17 and 3/31/17, and have direct deposits totaling $2,000 or more post to this account within the first 90 days of account opening. Offer is transferable until redeemed by addressee in corresponding mailer; and we reserve the right, in our sole discretion, to limit the number of times this promotion code may be used. You must be 18 years or older. Offer cannot be combined with any other bonus offers. Your Promotion Code must be entered at new account opening to be eligible for this offer. The account needs to be open for at least 90 days and remain open in an eligible account type until payment of bonus, which will occur within 30 days thereafter. In addition, the account must have a positive balance at the time of bonus payment. The bonus is considered interest and will be reported to the IRS on Form 1099-INT. If multiple accounts are opened with the same signer, only one account will be eligible for the bonus. As of 12/15/16, the APY for Santander® Premier Plus Checking is 0.01%. Rates may change at any time and after the account is opened. Fees may reduce earnings. Direct deposits include deposits made by your employer, or a federal or state government agency or retirement benefits administrator, and, generally, payments made by corporations or other organizations. It does not include deposits to your account that are made by an individual using online banking or an internet payment provider such as PayPal.

Balki
Balki

So I opened the Simply Right account in branch and the banker specifically told me that all 3 accounts qualify for the $350 bonus under the terms of this offer and that he recommends the Simply Right to avoid the $3 fee that can’t be waived on the Basic Checking account. $2000 direct deposit requirement is still in effect for this offer even with the Simply Right account (which is usually $500 on the regular offer).

TJ
TJ

There is a typo.
Chrecking >> Checking

greg
greg

where do you see if you have been targeted? thanks

Laura
Laura

Interesting that there is no wording about if you’ve received a bonus from Santander recently excluding you from the offer!

Jake N
Jake N

Could you read this as such a restriction?

“If multiple accounts are opened with the same signer, only one account will be eligible for the bonus.”

Larry
Larry

I signed up for the $150 bonus two weeks ago and haven’t received that bonus yet so decided to call to see if I could get matched to one of the new offers. Was told they don’t do that.

Since they don’t include any language that would prevent you from getting the bonus, guess if you have already received a bonus and have already closed that account, you should be able to get one of the new bonuses

Jason
Jason

I’m existing checking customer, got the standard $150 bonus last year, not targeted for this offer. Still applied, and Citi Double Cash coded as purchase (pending). 1 out of 5 Chex question does not belong to me so chose none of the above, the result said failed to identify me then asked to upload ID and utility bill. Applications in process.

Abey
Abey

One of the best places to redeem this is in Fairmont resort Maui Hawaii.
Went there with gf and since all of the rooms are already suits the suite upgrade certificates gave us the best possible suite they have which is the deluxe king suite ocean view (its priced at $1,350 a night) plus with all the breakfast and dining certificates (i had 6 x $25 she had 2 x $25) we had $200 total and they put it as a credit to the room so basically we just ate everywhere until we reached over $200.
You can use the credit for anything in the facility.
We have been to so many places in the world but this was something special (definately the best room we ever got).
You should consider redeeming for this resort eapecially if you havent been to Hawaii before.

mishyq
mishyq

This deal sounds really good

But how do you know if you are targeted or not? Hardcopy/email mailer ?

Also, yeah, was wondering if one would qualify if you already open and close a Santander account in 2016

John
John

I got a mailer for $225 last October and I totally missed the promo code field when I was filling out the application. I called afterwards since I didn’t see any field to enter the code in and the rep said it should still be good since it goes by SSN & address. I’m about to hit 90 days, but I’m not feeling very hopeful.

John
John

I ended up getting the $225.

Opening deposit happened on 10/31/2016.
Qualifying direct deposit happened on 11/09/2016.
Got the bonus on 2/14/2016.

Sam
Sam

I got 225 targeted offer recently in the mail. Wis it was 350.

Russell
Russell

Does the wording of the initial offer indicate that if I use another person’s code (and that person has not used the code) that I would receive the bonus?

Aryeh
Aryeh

Does paypal count as direct deposit?

y2k1984
y2k1984

Regarding, the premier plus checking promotion, I just checked their site and sounds like you need a combined balance of $75k, Not 20k as listed above. Please clarify where it states 20k in combined balances is enough to waive the monthly fee.

XC
sirtheta

Great find! I’ll have this written up shortly — thanks for sharing it with us!

joe
joe

I was targeted, but at my parents’ address. Can they use my unique code? And if they can’t can I use my own code (if I’ve no longer lived at that address for decades? lol)

Joe
Joe

Anyone?

taddy
taddy

Husband was targeted for the $225, I used his code since he wasn’t planning on it. Opened account iirc 1/27, got my welcome packet I believe 2/13. Welcome packet referenced how I could get the $225 so you should be good to go for them to use it or you to use it.

Shaun
Shaun

Received the targeted mailing for $350 couple of weeks ago. Applied online but verification questions failed. Went in-branch to complete. Agent confirmed that $350 bonus applies to the lower tier checking accounts as well, not just the Premier.

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